I am on look out for some leasehold conveyancing in Waterbeach. Before I get started I would like to find out the number of years remaining on the lease.

If the lease is recorded at the land registry - and almost all are in Waterbeach - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

My fiance and I may need to sub-let our Waterbeach garden flat for a while due to a career opportunity. We instructed a Waterbeach conveyancing practice in 2004 but they have since shut and we did not have the foresight to get any advice as to whether the lease prohibits the subletting of the flat. How do we find out?

Your lease dictates the relationship between the landlord and you the flat owner; specifically, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The accepted inference is that if the lease contains no expres ban or restriction, subletting is allowed. Most leases in Waterbeach do not contain subletting altogether – such a clause would undoubtedly devalue the flat. Instead, there is usually simply a requirement that the owner notifies the freeholder, possibly supplying a duplicate of the sublease.

I am a negotiator for a reputable estate agent office in Waterbeach where we have witnessed a number of leasehold sales derailed as a result of short leases. I have received inconsistent advice from local Waterbeach conveyancing solicitors. Could you clarify whether the vendor of a flat can initiate the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

What advice can you give us when it comes to finding a Waterbeach conveyancing firm to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Waterbeach conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of work. We suggested that you speak with several firms including non Waterbeach conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

• How familiar is the practice with lease extension legislation?

What makes a Waterbeach lease unmortgageable?

Leasehold conveyancing in Waterbeach is not unique. All leases is drafted differently and drafting errors can sometimes mean that certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:

• Repairing obligations to or maintain parts of the building
• Insurance obligations
• Clauses dealing with recovering service charges for expenditure on the building or common parts.
• Service charge per centages that don't add up correctly leaving a shortfall

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Chelsea Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

Waterbeach Leasehold Conveyancing - Examples of Queries Prior to buying

Does the lease have in excess of 82 years unexpired? Are any of leasehold owners in arrears of their service charge payments? Be sure to find out if there are any onerous prohibitions in the lease. For instance it is fairly common in Waterbeach leases that pets are not permitted in certain buildings in Waterbeach. If you like the propertyin Waterbeach however your dog is not allowed to move with you then you have a very difficult compromise.

Other Topics

Lease Extensions in Waterbeach